There will be mainly 3 categories of companies in all the selected industry sectors such Large companies with a turnover of over Rs.5,000 crore; Medium sized ones with business volumes of over Rs1,000 crore, but up to Rs.5,000 crore; and Small ones with sales of over Rs.500 crore and not more than Rs.1,000 crore.
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Parliament Clears Changes To Insolvency Law
Aug 03 2021, 7:22 PM
August 03 2021, 4:41 PM
August 03 2021, 7:22 PM
The Rajya Sabha cleared the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 today which gives legislative nod to the pre-packaged insolvency resolution process for micro, small, and medium scale enterprises. The lower house of the parliament had passed the Bill on July 28.The bill replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, promulgated on April 4 this year.The salient features of the pre-packaged in.
The Rajya Sabha cleared the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 today which gives legislative nod to the pre-packaged insolvency resolution process for micro, small, and medium scale enterprises. The lower house of the parliament had passed the Bill on July 28.